TUI Cruises talks €300 million five-year senior notes at 6½% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., April 9 – TUI AG talked its €300 million offering of five-year senior notes (B3/B-/B-) to yield in the 6½% area, according to market sources.

Official talk comes inside of initial guidance in the high-6% area.

Books close 5 a.m. ET on Wednesday, and the deal is set to price thereafter.

The notes come with two years of call protection.

Joint global coordinator and sole physical bookrunner JPMorgan will bill and deliver. Commerzbank Bank is a joint global coordinating and joint bookrunner. BNP Paribas, Citigroup, Credit Agricole, DZ Bank, LBBW and UniCredit are joint bookrunners.

The Hamburg, Germany-based cruise line plans to use the proceeds plus balance sheet cash to repay a portion of the KfW credit line, to repay ECA debt deferral and to repay a portion of its term loan I.

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